03 August 2017
Gowling WLG advised the shareholders of longstanding client Entanet Holdings on its £29 million sale to Cityfibre Infrastructure Holdings plc, which completed on 1 August 2017. The acquisition of Entanet by CityFibre formed part of CityFibre's successful £200 million capital raising announced last month.
The shareholders include funds managed by Mobeus Equity Partners. Gowling WLG advised Mobeus and Entanet on the buyout of Entanet International Limited in February 2014 and has continued to advise the group since then.
Corporate and Entanet relationship partner Andy Stylianou who, together with Corporate partner Jeff Elway and corporate associates Chelsie Taylor and Mark Knight, led on the deal, said: "Having acted on the management buyout of Entanet three years ago, it's been a pleasure to watch them grow, and we were delighted to advise management and Mobeus on their disposal. This deal required high levels of responsiveness and working to a demanding timeline, and our team, with the support of the sellers, rose to the challenge. We wish Entanet and CityFibre every success."
As well as Andy, Jeff, Mark and Chelsie, the full Gowling WLG team consisted of Hannah Swindle (Employment) Julian Pallett and Tom Stockley (Banking and Finance) Luke Kempton and George Sevier (IP), Phil Clissitt and Elizabeth Napier (Real Estate), Zoe Fatchen and Tom Rank (Tax) and Fabiano Iesini (Corporate).
Elsa Chen, Entanet's chief executive and one of the sellers, said: "We have worked with Andy and the Gowling WLG team since the buyout and their great experience and commitment over the period made Gowling WLG the number one choice to support Entanet and its shareholders in this key strategic transaction. I am pleased to have had Gowling WLG's support on this project and it's been a pleasure to work with Andy and all the team in getting the sale over the line".
"Pulling out all the stops and driving the sale forward, Andy and the Gowling WLG team were instrumental in helping us and the management shareholders complete this strategic sale. It has been fantastic working with Andy and the team throughout the process," said Mobeus partner Clive Austin.
Entanet is a wholesale communications infrastructure provider that uses third party networks to deliver a wide range of connectivity and telecommunications products and services to internet service providers. It is headquartered in Telford, where it employs 115 people and generates c.£35 million. The acquisition will substantially increase CityFibre's wholesale capabilities and its relationships with service providers, thereby extending CityFibre's channels to market.
CMS advised CityFibre on its acquisition of Entanet. CityFibre is a designer, builder, operator and owner of fibre optic infrastructure in the UK.